Arbeitspapier
Serving consumers in an uncertain world: A credence goods experiment
Credence goods markets are prone to fraudulent behavior and market inefficiencies due to informational asymmetries between sellers and customers. We examine experimentally the effects of diagnostic uncertainty and insurance coverage on the information acquisition and provision decisions by sellers and the trading decisions by consumers. Our results reveal that diagnostic uncertainty is a major source of inefficiency by decreasing efficient service provision. Insurance coverage has a positive net effect on market efficiency, despite making information acquisition and efficient service provision less likely. We also examine the role of -s and of sellers' prosociality in shaping service provision and information acquisition.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Papers of the Max Planck Institute for Research on Collective Goods ; No. 2023/11
- Klassifikation
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Asymmetric and Private Information; Mechanism Design
Insurance; Insurance Companies; Actuarial Studies
- Thema
-
Credence goods
diagnostic uncertainty
insurance coverage
experiment
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Balafoutas, Loukas
Fornwagner, Helena
Kerschbamer, Rudolf
Sutter, Matthias
Tverdostup, Maryna
- Ereignis
-
Veröffentlichung
- (wer)
-
Max Planck Institute for Research on Collective Goods
- (wo)
-
Bonn
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Balafoutas, Loukas
- Fornwagner, Helena
- Kerschbamer, Rudolf
- Sutter, Matthias
- Tverdostup, Maryna
- Max Planck Institute for Research on Collective Goods
Entstanden
- 2023
Ähnliche Objekte (12)
Serving consumers in an uncertain world: A credence goods experiment
Serving consumers in an uncertain world: A credence goods experiment
Second-Degree Moral Hazard in a Real-World Credence Goods Market
How social preferences shape incentives in (experimental) markets for credence goods
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Credence goods markets and the informational value of new media: A natural field experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition
Credence goods markets and the informational value of new media: A natural field experiment
The economics of credence goods: on the role of liability, verifiability, reputation and competition
Serving consumers in an uncertain world: A credence goods experiment
Serving consumers in an uncertain world: A credence goods experiment
Second-Degree Moral Hazard in a Real-World Credence Goods Market
How social preferences shape incentives in (experimental) markets for credence goods
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Credence goods markets and the informational value of new media: A natural field experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition
Credence goods markets and the informational value of new media: A natural field experiment
The economics of credence goods: on the role of liability, verifiability, reputation and competition
Serving consumers in an uncertain world: A credence goods experiment
Serving consumers in an uncertain world: A credence goods experiment
Second-Degree Moral Hazard in a Real-World Credence Goods Market
How social preferences shape incentives in (experimental) markets for credence goods
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Second-Degree Moral Hazard in a Real-World Credence Goods Market
Credence goods markets and the informational value of new media: A natural field experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
Credence Goods Markets and the Informational Value of New Media: A Natural Field Experiment
The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition
Credence goods markets and the informational value of new media: A natural field experiment